Optimal social security in a dynastic model with human capital externalities, fertility and endogenous growth

Yew, Siew Ling and Zhang, Jie (2009) Optimal social security in a dynastic model with human capital externalities, fertility and endogenous growth. Journal of Public Economics, 93 3-4: 605-619. doi:10.1016/j.jpubeco.2008.10.005

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Author Yew, Siew Ling
Zhang, Jie
Title Optimal social security in a dynastic model with human capital externalities, fertility and endogenous growth
Journal name Journal of Public Economics   Check publisher's open access policy
ISSN 0047-2727
Publication date 2009-04
Sub-type Article (original research)
DOI 10.1016/j.jpubeco.2008.10.005
Volume 93
Issue 3-4
Start page 605
End page 619
Total pages 15
Place of publication Amsterdam, Netherlands
Publisher Elsevier BV * North-Holland
Language eng
Abstract In this paper we investigate the optimal scale of pay-as-you-go social security in a dynastic family model with human capital externalities, fertility and endogenous growth. Human capital externalities reduce the return to human capital investment and hence lead to underinvestment in human capital and over-reproduction of the population. If the taste for the number of children is sufficiently weak relative to the taste for the welfare of children, social security can be welfare enhancing by reducing fertility and raising human capital investment per child.
Keyword Social security
Welfare
Fertility
Human capital externalities
Savings
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: ERA 2012 Admin Only
School of Economics Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 10 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 13 times in Scopus Article | Citations
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Created: Thu, 03 Sep 2009, 08:21:00 EST by Mr Andrew Martlew on behalf of School of Economics